Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
this may be a dumb question but is there a difference between a buyer agent and a buyer broker?
I'm in the market for my 1st home, and I want to use a buyer agent. I just notice the email has "buyer-broker" in the name and wondered if this was different?
Any thing to watch out for?
thanks!
Here in Texas, very generally: the broker can either work on their own, or they can have a lot of agents working as independent contractors out of their office. Agents have to hang their license with a broker in order to practice. Your listing agreement or buyer's rep agreement is legally with the broker, not the agent, though you may never see the broker and the agent is who signs it (on behalf of the broker) and is who you'll be working with.
In practical terms, though, from your perspective working with them, they're the same thing.
Any Realtor may act as a buyers broker/agent. Their fiduciary responsibility is to YOU and represent the seller in a limited range.
Sorry mouse, if they are a buyer broker / agent... they do NOT represent the seller in any range, limited or otherwise.... They ONLY represent the buyer.
and not every Real Estate Agent is a broker.... Every state is different, but in our state, you must work as an agent for 2 years, take more schooling, and pass the test to become a broker.
And just to clarify one more thing, not every Real Estate Agent is a Realtor!!!
shellytc...I tried to rep you but have to spread it around first! Great post.
Real estate licensee - passed the test, paid the fee
Realtor - licensee who is a member of the National Association of REALTORS - Code of Ethics training, can be held accountable by local Board for violations of the COE.
Agent - real estate licensee who is acting on behalf of a client in a transaction (implies fiduciary duties to their CLIENT)
Broker - varies from state to state; but generally a licensing status
Principal Broker - in Oregon a Broker who is licensed to supervise other brokers (which is what many other states call just a broker)...also a licensing status
Real Estate Professional - what we should ALL be striving to be in this career field!
Disclosed Dual agent- representing both buyer and seller. Even if two different agents in the same office have buyer and seller, it's dual agency.
NY offers a solution to the dual agency status......designated agency. While recognizing that agents from the same agency [working under a sponsoring broker] representing buyers and sellers automatically exist in a dual agency status which restricts agent activity......no advocating, no counseling, no advising...........just info transfer, a designated status allows the agent to return to much of their former status of rpresentation of buyer and seller. Confusing at times but afterall the buyer or seller hired their respective agent to represent them......not as a neutered information transmitter.
As a semi-retired agent I always wondered about this buyers broker/sellers broker, yes the seller does pay your commission, however, they are not going to pay you a red cent unless you get them a buyer and sell the property. Here's another thought to ponder, when the seller says "I want this much money, just add your commission to that number" ....hmmm who's paying you now?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
